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Assume you just paid $1,209 for a convertible bond that carries a( n)6.52% coupon and has 15 years to maturity. The bond can be converted

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Assume you just paid $1,209 for a convertible bond that carries a( n)6.52% coupon and has 15 years to maturity. The bond can be converted into 24 shares of stock, which are now trading at $50 a share. Find the bond investment value of this issue, given that comparable nonconvertible bonds are currently selling to yield 9.03%. The bond investment value of this issue is $ (Round to the nearest cent.)

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